FannieMae announced this week new rules regarding the sale of their foreclosed properties. From now on, properties must be on the MLS for at least 15 days prior to any cash offers being made.
This move is structured to assist buyers who will occupy the home, and have lined up solid financing. In the current "cash is king" envoronment. cash investors were scooping up great deals on foreclosed properties and effectively locking out the traditional buyer.
This new move will allow prospective owners to see a home and negotiate an offer before the cash investors swoop in. This move should go a long way to helping the "ordinary home buyer" take advantage of the great deals in this market.
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